PHILIPPE COLLIN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PHILIPPE COLLIN
Largest movements
- Tangible fixed assets -€16,279
down €16,279 (-57.9%), from €28,116 to €11,837
- Receivables within one year -€6,087
down €6,087 (-4.6%), from €131,658 to €125,571
of which Trade receivables: -€4,615
- Cash -€3,192
down €3,192 (-9.8%), from €32,427 to €29,235
mainly Debts after one year (-€25,902) and Contributions, distributions and other (-€15,789)
- Debts after one year -€25,902
down €25,902 (-30.8%), from €84,032 to €58,130
- Trade debts -€10,497
down €10,497 (-69.0%), from €15,221 to €4,725
- Tax, wage and social debts +€8,377
up €8,377 (+104%), from €8,019 to €16,396
of which Taxes: +€6,082
- Reserves +€4,488
up €4,488 (+4.1%), from €108,817 to €113,304
- Gross operating margin -€2,786
down €2,786 (-5.3%), from €52,966 to €50,180
- Depreciation +€2,351
up €2,351 (+16.9%), from €13,929 to €16,279
- Other operating charges -€1,668
down €1,668 (-66.4%), from €2,511 to €844
- Financial charges -€586
down €586 (-10.7%), from €5,489 to €4,903
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €291,989 | €268,956 | -€23,033 | -7.9% |
| Fixed assets | 21/28 | €28,116 | €11,837 | -€16,279 | -57.9% |
| Tangible fixed assets | 22/27 | €28,116 | €11,837 | -€16,279 | -57.9% |
| Furniture and vehicles | 24 | €28,116 | €11,837 | -€16,279 | -57.9% |
| Current assets | 29/58 | €263,873 | €257,119 | -€6,754 | -2.6% |
| Amounts receivable after more than one year | 29 | €94,915 | €97,402 | +€2,487 | +2.6% |
| Other amounts receivable | 291 | €94,915 | €97,402 | +€2,487 | +2.6% |
| Stocks and contracts in progress | 3 | €2,374 | €2,284 | -€90 | -3.8% |
| Stocks | 30/36 | €2,374 | €2,284 | -€90 | -3.8% |
| Amounts receivable within one year | 40/41 | €131,658 | €125,571 | -€6,087 | -4.6% |
| Trade receivables | 40 | €122,258 | €117,643 | -€4,615 | -3.8% |
| Other amounts receivable | 41 | €9,400 | €7,928 | -€1,472 | -15.7% |
| Current investments | 50/53 | €269 | €271 | +€2 | +0.6% |
| Cash at bank and in hand | 54/58 | €32,427 | €29,235 | -€3,192 | -9.8% |
| Deferred charges and accrued income | 490/1 | €2,230 | €2,356 | +€127 | +5.7% |
| Total equity and liabilities | 10/49 | €291,989 | €268,956 | -€23,033 | -7.9% |
| Equity | 10/15 | €146,484 | €150,972 | +€4,488 | +3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €108,817 | €113,304 | +€4,488 | +4.1% |
| Distributable reserves | 133 | €108,817 | €113,304 | +€4,488 | +4.1% |
| Profit (loss) carried forward | 14 | €25,267 | €25,267 | = | 0.0% |
| Amounts payable | 17/49 | €145,505 | €117,984 | -€27,521 | -18.9% |
| Amounts payable after more than one year | 17 | €84,032 | €58,130 | -€25,902 | -30.8% |
| Financial debts | 170/4 | €84,032 | €58,130 | -€25,902 | -30.8% |
| Amounts payable within one year | 42/48 | €60,708 | €59,587 | -€1,120 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €25,356 | €25,902 | +€546 | +2.2% |
| Financial debts | 43 | €11,500 | €11,500 | = | 0.0% |
| Credit institutions | 430/8 | €11,500 | €11,500 | = | 0.0% |
| Trade debts | 44 | €15,221 | €4,725 | -€10,497 | -69.0% |
| Suppliers | 440/4 | €15,221 | €4,725 | -€10,497 | -69.0% |
| Taxes, remuneration and social security | 45 | €8,019 | €16,396 | +€8,377 | +104% |
| Taxes | 450/3 | €8,019 | €14,101 | +€6,082 | +75.8% |
| Remuneration and social security | 454/9 | - | €2,296 | +€2,296 | |
| Other amounts payable | 47/48 | €612 | €1,064 | +€453 | +74.0% |
| Accrued charges and deferred income | 492/3 | €766 | €267 | -€499 | -65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,929 | €16,279 | +€2,351 | +16.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,325 | €1,329 | +€4 | +0.3% |
| Other operating charges | 640/8 | €2,511 | €844 | -€1,668 | -66.4% |
| Gross operating margin | 9900 | €52,966 | €50,180 | -€2,786 | -5.3% |
| Operating profit (loss) | 9901 | €35,201 | €31,729 | -€3,473 | -9.9% |
| Financial income | 75/76B | €2,846 | €2,961 | +€115 | +4.0% |
| Recurring financial income | 75 | €2,846 | €2,961 | +€115 | +4.0% |
| Financial charges | 65/66B | €5,489 | €4,903 | -€586 | -10.7% |
| Recurring financial charges | 65 | €5,489 | €4,903 | -€586 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €32,559 | €29,787 | -€2,772 | -8.5% |
| Income taxes | 67/77 | €9,301 | €9,510 | +€209 | +2.2% |
| Profit (loss) for the period | 9904 | €23,257 | €20,277 | -€2,980 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,257 | €20,277 | -€2,980 | -12.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.